Braemar Hotels & Resorts Inc. has entered into a definitive agreement to sell the 369-room Seattle Marriott Waterfront for $145 million ($393,000 per key). Including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31.
“We are pleased to announce the planned sale of the Marriott Seattle Waterfront,” said Richard J. Stockton, Braemar’s president/CEO. “The sale of this upper-upscale hotel will help deleverage our portfolio and further align our financial performance with the luxury hotel sector.”
The transaction is expected to close in August, subject to customary conditions. The company provides no assurances that the sale will be completed on these terms or at all.
